invest in rental property in DC

[Anonymous]

Thinking investing an apartment to rent out in DC

https://www.redfin.com/DC/Washington/1300-Massachusetts-Ave-NW-20005/unit-505/home/21488349

looks neat! any ideas?

[Anonymous]

co-opt?

[Anonymous]

I say this as someone who is ride or die dc: I would not be a landlord here. Newp.

[Anonymous]

The building is a co-op so there are likely rules to restrict or prohibit investor purchases.

[Anonymous]

Do not invest in residential real estate in DC. The District is very anti-landlord, with most laws favoring loser tenants.

[Anonymous]

Do not buy there - that's all I can say.

[Anonymous]

Guess that is why they have not sold the place for 3 months…

[Anonymous]

Look for a condo.

[Anonymous]

Draw even, at best. Don't buy a condo WOTP or Center City now.

I've offered my unwelcomed advice on places under $300k to invest over the last ten years including Brightwood Park, Woodridge, Brentwood, Deanwood, Barry Farms, and everyone has laughed. I'll take my revenue generating to the college tuition bank.

[Anonymous]

Thought it would be good rental
Studio around the area rent for like $1600 a month
What am I missing?

[Anonymous]

Anonymous wrote:Draw even, at best. Don't buy a condo WOTP or Center City now.

I've offered my unwelcomed advice on places under $300k to invest over the last ten years including Brightwood Park, Woodridge, Brentwood, Deanwood, Barry Farms, and everyone has laughed. I'll take my revenue generating to the college tuition bank.

Three of the five places you mentioned have a murder rate I wouldn't touch with a ten-foot pole. Brightwood Park is one of the most un-metro accessible parts of D.C. aside from Georgetown. Woodridge, VA is practically in Richmond.

None of those places sound reasonable and I have to wonder what your tenants are like. Do you take Section 8? Do you have a housing manager? Do you do it all yourself?

[Anonymous]

Anonymous wrote:Thought it would be good rental
Studio around the area rent for like $1600 a month
What am I missing?

It's a co-op, with as the PP above stated - severe restrictions on rentals. You don't 'own' the apartment and the HOA board will quickly tell you you can't rent out.

Have your realtor ask for financial documents. If the deal is too good to be true, ESPECIALLY in Logan Circle, there's a reason why.

[Anonymous]

Invest in a REIT fund instead. Better diversification and much less hassle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Draw even, at best. Don't buy a condo WOTP or Center City now.

I've offered my unwelcomed advice on places under $300k to invest over the last ten years including Brightwood Park, Woodridge, Brentwood, Deanwood, Barry Farms, and everyone has laughed. I'll take my revenue generating to the college tuition bank.

Three of the five places you mentioned have a murder rate I wouldn't touch with a ten-foot pole. Brightwood Park is one of the most un-metro accessible parts of D.C. aside from Georgetown. Woodridge, VA is practically in Richmond.

None of those places sound reasonable and I have to wonder what your tenants are like. Do you take Section 8? Do you have a housing manager? Do you do it all yourself?

Brightwood Park is bordered by the Fort Totten Metro stop. I know because my kid attends school in BP and takes the Metro there every day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Draw even, at best. Don't buy a condo WOTP or Center City now.

I've offered my unwelcomed advice on places under $300k to invest over the last ten years including Brightwood Park, Woodridge, Brentwood, Deanwood, Barry Farms, and everyone has laughed. I'll take my revenue generating to the college tuition bank.

Three of the five places you mentioned have a murder rate I wouldn't touch with a ten-foot pole. Brightwood Park is one of the most un-metro accessible parts of D.C. aside from Georgetown. Woodridge, VA is practically in Richmond.

None of those places sound reasonable and I have to wonder what your tenants are like. Do you take Section 8? Do you have a housing manager? Do you do it all yourself?

Woodridge is a DC neighborhood that has nothing to do with Richmond.